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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| American Express Company | NYSE:AXP | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -1.46 | -0.62% | 235.64 | 236.92 | 234.4248 | 235.58 | 2,992,847 | 01:00:00 |
From Apr 2023 to Apr 2024
By Will Feuer
American Express posted higher revenue in the second quarter as consumers continued to spend on travel, entertainment and restaurants.
The New York City-based credit-card company logged net income of $2.17 billion, or $2.89 a share, up from $1.96 billion, or $2.57 a share, a year earlier. Analysts surveyed by FactSet were expecting earnings of $2.81 a share.
Revenue rose 12% to $15.05 billion. Analysts surveyed by FactSet were expecting revenue of $15.41 billion.
Chief Executive Stephen Squeri said travel and entertainment spending rose 14%, adjusted for foreign exchange. He said reservations on the Resy restaurant-booking platform reached a quarterly high, and bookings through the company's consumer-travel business hit their highest level since before the pandemic.
The company provisioned $1.20 billion for credit losses in the quarter, compared with $410 million in the year-ago period.
Shares fell 3.3% to $171.36 in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 21, 2023 07:25 ET (11:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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